Bill Gross: "Don't Cry For Pimco" And Yes, "We Are Certainly Underweight Treasurys"

Tyler Durden's picture

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augie's picture

uh oh, looks like someone is putting the heat on gross.

camaro68ss's picture


XRAYD's picture

"We’re having a good don't cry for Pimco."


Not Argentina?

Trillax's picture

+1 LOL.  I thought the same thing when I saw it then caught myself changing the lyrics around to fit the situation.  Something including 'biting the pillow' and a form of lubirication. ;)

SheepDog-One's picture

Bill Gross keeps saying 'dont cry for Pimpco'...I wasnt even the least bit sad, why would he think I was crying for him? Weird.

LawsofPhysics's picture

Stand tall Bill! hurricane insurance is paid up right?

kito's picture

bill looking foolish and getting his ass handed to him by the fed--don't turn against your own bill, you will get lashed

buzzsaw99's picture

wHY CAn't PIMPCO get someone more pleasing to the eye to make these presentations?

augie's picture

because anyone with half a brain and a decent rack already works for the enemy?

LowProfile's picture

Gross is looking due for a nut squeeze.

Boston's picture

It was a big call, and he got it totally wrong.....for now.  Shorting time, for Treasuries, could be only a couple of months away.

Reminds me of his "the great 25 year bond rally is over" call in.......2007.

Mercury's picture

Well he wasn't quite talking his book then as he delivered a pretty handsome 9.07% in the TRF that year.

Mercury's picture

Unlike a lot of fund managers who probably think Zero Hedge is the name of their wife's SoHo body waxing salon, I think Gross is likely pretty keen on this site. 

I can understand why he wouldn't want to go into specifics on TV about his net Treasury position but his views seem to mesh pretty well with most of the major themes around here.  From the tone of some of his recent letters he certainly seems salty enough to be simpatico.

augie's picture

Zero hedge will never mean the same thing to me again.

Tyler Durden's picture

Time for a logo redesign...

DK Delta's picture

Except Bill Gross continues to say that QE2 means the END OF QUANTITATIVE EASING, which is the EXACT OPPOSITE of what is said here. 

ZH produces amazing stuff, but they are 100% on the QE3,4,5...bandwagon. 

JuicyTheAnimal's picture

I moved my 401K into his fund when I read here that he went short.  I'm not worried about it for a two good reasons.  I only contribute what is matched and I most likely won't make enough money to ever retire for one.  For two, I have no other choices that are the least bit rational.  Oh well.  At least I don't have to rape hotel maids to get laid. 

NotApplicable's picture

I stopped contributing to mine three years ago and used the money to buy Silver Eagles. Even with the loss of matching funds (the only reason I ever did it), I'm still coming out far, far ahead of any fund choice in my 401.

Clowns on Acid's picture

Seems Bill has realized that when Nancy Pelosi calls on behalf of Lil Timmy G., and tells him, "First comes love, 2nd comes marriage" Bill gets fitted for a dress. 

RobotTrader's picture

Only a matter of time before PIMCO starts "putting to work" that $90 billion cash horde.

Performance anxiety starting to seep in, Mohammed "Sugar High" El-Erian probably chugging a few Red Bulls right now, watching the huge boner runs on stocks like Starwood Hotels and Wyndham Worldwide, both up 4%+.

Lots of guys are way underinvested, scared to death of another 2008 commodity crash and/or PIIGS blowup.

topcallingtroll's picture

And with fed funds rate still accomodative it now seems unlikely we will have a major market swoon, one of those five percent bear markets perhaps might be all we see.

I am about to capitulate and go back into risk assets for what its worth.

baby_BLYTHE's picture

If you seriously believe that, take a look at Ben's predictions.

Trusting in a man that has never gotten anything correct in his life, dangerous move IMHO.

topcallingtroll's picture

I dont know what to believe any more, but i havent capitulated on my risk off thesis yet.

augie's picture

bullish for capitulation.

disabledvet's picture

aww.  you mean "trusting an economist."  that's one likes a "on the one hand/on the other hand" kind of guy.  my own view has always been "beware the guy who says what he means/means what he says" though, too.  i'm a happy medium myelf.

lieutenantjohnchard's picture

project much? looks like you just gave the board a glimpse into your own mind.

1) you're 30% invested

2) your hd, mo, vz are laggers of the first order

3) you always troll the nyse for the biggest movers, dreaming of hitting the big one

4) telling the board you live on power juices etc ....


tickhound's picture

A tribute from the grave...

To the Reverend Robo, from the Church of What's Workin' Now.

disabledvet's picture

done it all of last year and into this.  too bad i don't believe in the money thing to begin with.  C'est la vie...

Cone of Uncertainty's picture

A little off topic, but people should check out this excellent piece about the ECB balance sheet and all that donkey turd shit crap paper they have taken on as collateral.


topcallingtroll's picture

I suspect we overthink things to our detriment.

If nobody on the street can explain QE then it is doubtful donkey turd paper will matter.

Just btfd i guess.

RobotTrader's picture

S & P 500 has run 15 pts in 3 hrs without hardly a down tick, wow bears run over hard again today.

For 2 years now its been a tough time to be a short.  The market has never gone straight down to reward shorts. Longs have seen paradise 1000 times.  Being an all short trader is a tough way to make a living.

augie's picture

do you ever just sit back and marvel at what an awesome troll you are? To bad you can't put that talent to use in real life, or that class you so desperately want to join might use you.

augie's picture

I always say i'm from the deep south, and no one ever gets it.

baby_BLYTHE's picture

it's because you have to do that weird ass laugh to follow it up

disabledvet's picture

perhaps your suffering has been overestimated.

topcallingtroll's picture

Yeah its not fair.

I have to work hard for my junks.

Robo gets them without even trying.

StychoKiller's picture

There, gave you a "mercy" junk -- feel better now? :>D

monopoly's picture

Tough to play against rapists, thieves and Fed Reserve bankers. I keep 200 shares of TBT just so I can track it easier. If it is not in the portfolio, easy for me to miss it. Down 2% but since it is just a tracker, no big deal. At some point it will fly high and then I will load up the boat. Not worth shorting this market and will not buy PCLN that some advocate, hmmm, so miners, physical, and some confetti works fine for me.

Yeah, AMZN may go to 250, but not with me. Will not play a crooked table.

Cone of Uncertainty's picture

GDP down.

Claims up.

Priors revised weaker.

Personal Consumption weaker than expected.

Bloomberg Consumer Comfort weaker than expected.

S&P500 up proves we are all fucked.

tickhound's picture

This smells of a Hollywood production to me... Right on schedule and by design.

monopoly's picture

Well for once, Robot is right on. Shorting this market is for masochists who like to suffer; If you are really good, (I am not), you can get maybe 3 4 days of good shorts but so tough to time. So, as posted, just do not go there. Now, when reality sets in, that will be different.

Mec-sick-o's picture

Does Pimco is one of the too big to fail?

Or too big to not make noise.

Perhaps having zero exposure to US treasuries will hint the others to rush to exit door?


monopoly's picture

You have to wonder with the inmates pushing rates so low.....what are they afraid of???? Inquiring minds would like to know.

friendly manitoba's picture

well i listened to bill answer questions off the top of his head for 7 minutes - he is exactly right in my opinion ... curious why previous posters cant see his logic

too bad that he isnt working for  the president 

his voice  is raspy  for the same reason roubini's is distinctive - they  are so brilliant that people keep asking them what to do  - and in bill's case let them invest their billions

oldmanagain's picture

First, don't think Gross has any duty to reveal his position in any detail.

Pimco's record is much better than his critics.

What he said originally was that he was over hedged by 23%.  However we do not know the risk the hedges represent or percentage of real capital.  Sometimes a batch of cheap puts will go a long way in covering exposure.  As the bonds rally, he may be unloading even more as he thinks 3% on the ten year is about as low as yields can go.


The fullness of time will reveal who eats the crow.

NotApplicable's picture

I simply think that yields would probably go higher as opposed to lower if only because we wonder who will buy Treasuries when the Fed does not buy Treasuries.

Like the Fed is ever going to stop buying. Oh wait, I forgot that QE3 can't start until everything falls apart. So, I guess they'll quit for a couple of days, as it shouldn't take long to push this buggy over the cliff.

THE DORK OF CORK's picture

The man looks like Sam Shepard but without the cool exterior.

I guess he has been riding the Dollar Starfighter since the 70s 


 "Hey Riddley,    got any credit – loan me some and I will pay you back later”
The post 71 $ system was doomed from the outset – its been one hell of a ride though

Ejection is always a option